Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Debtfix Relieved By Beehive’s Additional Funding To Strengthen Existing Debt Solution Services

This week was the first time the New Zealand Government has invested in debt solution services that will change the lives of many people who are at a loss when it comes to repaying their loans.

Debtfix co-founders Christine Liggins and Shaun Adams, and associate director Clementine Baker, have been in discussions with the Ministry of Social Development (MSD) and Ministry of Business Innovation and Employment (MBIE) for some months – encouraging the Government to financially back debt solutions.

“There are only three organisations providing genuine debt support for the community; Debtfix, Good Shepherd and Christians Against Poverty,” says Liggins.

“At this stage we don’t know how we will be supported but the announcement by the Minister for Social Development Carmel Sepuloni and the Minister for Commerce and Consumer Affairs Hon Kris Faafoi states they are addressing anticipated increases in debt by supporting existing specialist debt services.

“That is us.”

Budgeting services have received government funding for years and this is the first time debt specialists are being financially recognised for the impact they have on everyday New Zealanders.

Since Covid-19, Debtfix has experienced increased requests from people who are desperate for debt advice and support, which most frequently is provided for free by Debtfix.

“The announcement recognises we are doing valuable work,” says Liggins. “It is encouraging that there will be a strategy for a national approach to address problem debt.”

MSD and MBIE announced: ‘The funding boost of $4.3 million over two years is for the expansion of existing specialist debt services, building on the extra $35m of funding ($9.7m cost pressure funding and $25.2m Covid Response and Recovery funding) rolled out for core Building Financial Capability (BFC) services, formerly budgeting services, announced at the end of May.’

This marks a significant achievement for Debtfix and committed organisations and individuals who have worked for years to highlight the value of supporting people to repay problem debt in a safe way.

Debtfix has also approached the financial sector for funding and discussions are progressing well, and they are collaborating to design a new solution to support clients.

Debt services differ from budgeting services, in that the Debtfix team specialises in developing and manging debt repayment programmes and advocates for people trapped by spiralling interest payments and penalties.

The new initiatives have the potential to result in a measurable positive impact on the wellbeing of thousands of New Zealanders and their whānau.

Debtfix looks forward to hearing the next step and commends MSD and MBIE for addressing the Kiwi debt problem.

  •  

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

The Narrow Divide: New Poll Shows Tight Political Race For SME Votes

In a major turnaround following nearly a decade of MYOB election polls, Labour is currently the preferred political party of New Zealand’s SMEs, with 38% of SME owners and decision makers intending to vote red in the upcoming General Election, ... More>>

Reserve Bank: Further Easing In Monetary Policy Delivered

Tēnā koutou katoa, welcome all. The Monetary Policy Committee agreed to expand the Large Scale Asset Purchase (LSAP) programme up to $100 billion so as to further lower retail interest rates in order to achieve its remit. The eligible assets remain ... More>>

Retail: Post-Lockdown Retail Card Spending Picks Up

The rise in retail card spending was boosted by sales of furniture, hardware, and appliances, Stats NZ said today. “For a third consecutive month, card spending on the long-lasting goods (durables) remained at higher levels than last year, after ... More>>


Contact: Business Drops, New Generation On Hold

New Zealand’s second-largest energy company Contact Energy (‘Contact’) released its full year financial results for the 12 months to 30 June 2020 (‘FY20’) this morning. More>>

Mining: OceanaGold Announces Receipt Of WKP Mining Permit

MELBOURNE, Australia, Aug. 6, 2020 /CNW/ - OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the 'Company') is pleased to announce it has received the mining permit for Wharekirauponga ('WKP') on the North Island of New Zealand. ... More>>

ALSO:

Economy: COVID-19 Lockdown Has Widespread Effects On Labour Market

In the June 2020 quarter, the seasonally adjusted unemployment rate fell to 4.0 percent, down from 4.2 percent last quarter, while underutilisation rose, Stats NZ said today. More>>

ALSO:

NZ Post: New Research By NZ Post Shows Online Shopping Grew 105% In Alert Level 3

New research by NZ Post into how the COVID-19 response has impacted the way Kiwis shop online, shows online shopping increased 105%* when the country moved into Alert Level 3, and may have changed the way Kiwis shop permanently. Online spend peaked ... More>>

ALSO:

Antarctica NZ: Ice-Olation

Antarctica New Zealand is gearing up for a much reduced season on the ice this year and a very different deployment to normal! Before they head to one of the remotest places on the planet, all personnel flying south with the New Zealand programme will ... More>>

ALSO:

QV Valuations: July House Price Index Illustrates Market Resilience

According to the July 2020 QV House Price Index (HPI) results out today , property values recorded a marginal increase, up 0.2% over the month. This is somewhat of a turnaround from June, after the national index edged 0.2% lower. More>>

ALSO:

Property: Queenstown Rents Experience Biggest Drop In Seven Years

Rental prices in the Queenstown-Lakes district saw the biggest annual percentage drop in seven years after falling 28 per cent on June last year, according to the latest Trade Me Rental Price Index. Trade Me Property spokesperson Aaron Clancy said ... More>>

Seismology: The Quiet Earth

As many daily activities came to a halt during lockdown, the Earth itself became quiet, probably quieter than it has been since humans developed the technology to listen in. Seismologists have analysed datasets from more than 300 international ... More>>

RNZ: James Shaw Says Kiwibank, Not Ministers Should Decide On Investors

Climate Change Minister James Shaw says Kiwibank's decision to stop doing business with companies dealing in fossil fuels is the right one. More>>

ALSO:

FMA: Kiwis Confident Financial Markets Will Recover From COVID-19, Plan To Increase Investments

Despite the majority (60%) of investors experiencing losses as a result of COVID-19, the outlook on investing remains positive, according to a Financial Markets Authority (FMA) survey. Most Kiwis (71%) were optimistic that the pandemic will pass eventually ... More>>

FIRST Union: Warehouse Using Covid For Cover As Extensive Restructure Makes Everyone Worse Off

(FIRST Union comments on The Warehouse consultation and proposed restructure) 'Unfortunately the Warehouse have done the disappointing thing and used Covid-19 to justify a bunch of operational business decisions that will leave hundreds of workers without jobs ... More>>

ALSO: